Monday, December 23, 2013

Education Campaign On New Mortgage Rules

The Consumer Financial Protection Bureau is launching an education campaign to help make home buyers and home owners more aware of new mortgage regulations coming in January.

The materials are available at CFPB’s website.

The information includes fact sheets and tip sheets, such as on what a Qualified Mortgage is, why it was developed, and the characteristics of one. The Qualified Mortgage regulation goes into effect Jan. 10, 2014.
CFPB resources also explain how to gather information about an existing loan and where to get help when needed.

"Taking on a mortgage may be the largest financial obligation of a consumer's lifetime," says CFPB Director Richard Cordray. "We want to make sure that potential home buyers have the information they need to make responsible decisions and that current borrowers know about their new protections."

CFPB’s website includes fact sheets on consumer protections to borrowers under new servicing rules, and how to file a complaint with the agency if any violations are suspected by lenders. CFPB also provides a fact sheet of recommendations for home owners facing foreclosure.

CFPB’s education campaign includes tip sheets for home buyers who are looking for mortgage, such as new rights for home buyers at every stage of the mortgage process, from taking out a loan to paying it off.

Source: Consumer Financial Protection Bureau and “CFPB Launches Education Campaign Ahead of New Mortgage Rules,” Mortgage News Daily (Dec. 19, 2013)

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